Well, though I hate to admit it, I was wrong! I predicted 6,500 homes sold in November when in fact there were 7,374, making November 2017 one of the best Novembers in history. The reason for this is simple, the government announced changes to the mortgage qualifying rules commencing January 1 2018, and a lot of buyers jumped into the market to make sure that they qualified under the old criteria. This resulted in stronger than usual sales and that trend will continue in December.
Some interesting facts; while the number of listings sits at approximately 18,200, a balanced market, (4 listing for every sale), and home prices are relatively stable, the condominium market is red hot! Prices on condominium apartments are up 22 % in 2017, with approximately 1/3 of all the sales on the Toronto real estate board being condominiums. This is a natural trend as many people can no longer qualify for single homes and have turned to condominiums. Condominiums have also become great investment opportunities, as rents have increased significantly and Toronto continues to grow.
If you’re thinking of buying or selling, as long as you do it in the same marketplace there is no downside. Warren Buffet proved the benefit of buying a good product and holding. I found that over the years my clients never made a mistake buying, the mistake was always selling.
If you know somebody considering buying, have them call me as soon as possible. With the changes in the mortgage qualifications they should do it in 2017 vs 2018.
It’s been a wonderful warm fall, best wishes for the holiday season and throughout 2018.
Your friend in real estate.
(PS I am never too busy for your referrals!)
Why Choose Peter Kwan of RE/MAX Realtron When Selling Your Home?
Real Estate Professional Peter Kwan has been serving home Sellers and Buyers in Toronto since 1991. He is a consistent Top Producer and has earned many awards throughout his career, including #1 Chinese agent in Canada.
Backed by the power of the RE/MAX network, Peter uses a combination of traditional and high tech tools to market properties to the greatest number of potential buyers worldwide. His website features community and Real Estate information, as well as Listings.
Peter is fluent in English, Cantonese and Mandarin. His aggressive and unique marketing plan gives all his clients' homes extraordinary exposure. SOLD FAST, and gets TOP DOLLAR! His success has been due to personal approach and integrity * dedicated service to his clients and the industry.
Peter is tireless in his efforts to serve his clients. He understands the needs of a family. By exceeding the expectations of his clients, Peter has earned their referrals and repeat business. He has the skills, knowledge and experience to achieve your Real Estate Goals.
Why Peter Kwan? Because…He specialize in you!
Peter Sold 1 Home Ever 2-3 Days since 2006.
Most of Peter's listings sold record breaking over asking price were without ineffective open houses, staging & even no For Sale sign on the property. Peter is very happy and appreciated if the owner allow him to install an overasking sign after Sold.
Peter is so confident that if owner found any real estate agent sold more properties in Ontario than Peter Kwan within the past 26 years, Peter is willing to match their commission plus a free air ride with Peter Kwan (Pilot in Command) on his private airplane.
No Free Lunch! Peter invests close to $1 Million every year just to Advertise!